scripbox webstories 6 slide 2

www.scripbox.com

HOW MANY  SAVINGS BANK ACCOUNTS AND  HOW MUCH MONEY SHOULD YOU KEEP  IN THEM?

scripbox webstories 6 slide 3

THE PROBLEM  OF PLENTY

www.scripbox.com

You will have to maintain minimum  balances in each of the non-salary  bank accounts to avoid penalty. There  are also other charges.

scripbox webstories 6 slide 4

SO, WHAT’S THE  IDEAL NUMBER OF  BANK ACCOUNTS  YOU SHOULD HOLD?

You need to have a main account which is permanent. This will be linked to all your mutual fund investments, tax filings, home EMI payments and other automated bill payments.

www.scripbox.com

scripbox webstories 6 slide 5

IN ADDITION,

you can hold another bank  account that will be your salary account. It will be a temporary account and you will close it as  soon as you leave a job (and  open a new one). Ideally, you  should automate transfers of  your salary from this account  to your main account and  thereafter plan your expenses  and investments.

www.scripbox.com

WHATEVER 

the case financial experts  believe, anything more than  three is a pain in the neck. If  you have more bank accounts  that you find it difficult to  manage, close them at the  earliest.

www.scripbox.com

www.scripbox.com

You need to keep a reasonable balance in your savings account which could be anywhere from one to two months of your household expenses. All depends on your comfort levels. It should be big enough to make you sleep peacefully at night.

HOW MUCH  MONEY IN IT?